Banks are stealing Rental Property from owners who have never been late or missed a payment before! The rental properties in fact have been positive income for the owners! But, the banks want the property so they are foreclosing on them!
We live in a very unjust country where the banks are running wild and stealing everyone's property, either by fraud or outright theft! I am so bewildered on how it has gotten this far and how our elected officials have gone so deep down into the rabbit hole for the banks and corporations they do not even see the American people anymore!
Owners of positive income rental properties have loans which last a few years and then have to get renewed. Rental property owners are finding the banks are not renewing their loans and are taking over the properties. In fact the banks are even having the renters send them (the banks) the rent every month, before foreclosing on the owner!
How is it, we keep letting this outrageous stealing from the people and bankrupting everyone (except the bankers and elite of the country) go on? I will keep asking: How does our elected officials sit back and watch the disintegration of the country and people? I am starting to believe all those conspiracy theories of, it being planned and this has been done on purpose.
Portion from article:
SPRINGFIELD, Mo. -- Imagine never being late or missing a payment, but still losing your home to foreclosure. It's happening across the nation to owners of rental properties.
An owner of multiple rental properties can't typically get a traditional loan, so he'll get a one-, three- or five-year note that's renewed when it expires. Several property owners in the Ozarks are getting turned down for renewals even though they've never been late or missed a payment. The result is they lose their properties to foreclosure and the income that goes with it.
In fact, they've already foreclosed on two properties, including a six-plex, his biggest money maker. His bank didn't return a reporter's calls but told him why they wouldn't refinance his loans.
"I do construction and work has been slow and they said, based on my tax return, they don't feel I have ability to pay my notes even though I've never been late," said Hosey.
He says the properties pay for themselves.
"I just can't believe I'm in this position," he said.
To make matters worse, his tenants are now making payments to the bank, even though Hosey is still responsible for the insurance, utilities and trash pickup. He says, without the rent payments, he has no way to pay those bills.
The idea of foreclosure is not new to us. Many states in US suffer much for it due to acquiring loan without thinking of their capability to pay. Anyway, thank you for the learning.
ReplyDeleteforeclosure help gainesville